Bitmine’s aggressive accumulation of Ethereum is not just a headline; it’s a signal that a new business strategy may be taking shape in the digital asset space. At a time when most companies are still cautiously exploring digital assets, Bitmine is moving with conviction, building one of the largest ETH positions and signaling a shift in the way companies can think about balance sheets, capital allocation and long-term positioning.
How Ethereum becomes more than a passive treasury instrument
Bitmine Immersion Technologies, Inc. (BMNR) had just become one of the largest Ethereum holders in the industry. Even though the company is down $6 billion on the position, it’s still buying. GlydeGG co-founder Jeremy has done just that revealed on
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Despite this, the company did not sell a single coin and instead added another 101,627 ETH last week alone, marking the largest weekly accumulation of 2026. According to Jeremy, Bitmine has stated that the company The goal is to own 5% of all ETH issued, and this percentage already stands at 4.12%, making them among the largest holders in the ecosystem. However, 73% of their holdings are invested, generating an estimated $264 million in annualized revenue.
There is precedent for this kind of strategy. MicroStrategy, now commonly known as Strategymade a similarly aggressive move with Bitcoin, transforming its corporate treasury playbook into a leveraged bet on a single digital asset. Moreover, Bitmine seems to be applying the same logic to ETH, and the company is already down $6 billion and counting buy.
Which marks the lowest exchange rate of ETH since 2016
Ethereum is showing one of the strongest structural signals in years. A crypto investor known as Milk Road on X marked that the ETH Exchange Supply Ratio (ESR) has fallen to 0.122, the lowest level since 2016.
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Amid the decline, the Ethereum Foundation actively sold 10,000 ETH on April 24, recently selling for $23.8 million, and then unstaked another $48.9. million. At the same time, they have been directing sales over-the-counter (OTC), and not through exchanges. The supply of ETH exchanges has decreased. Even though buyers have absorbed every offer, the exchange offer ratio has not increased.
At the same time, ETH supply is being systematically withdrawn from circulation, and approximately 39.2 million ETH, which is approximately 31.5% of the total supply, is now deployed.
Milk Road noted that there are more than 3 million ETH queued for staking over the next 52 days, indicating that supply is being blocked faster than sellers can move it. The decrease in the availability of exchanges and the increasing participation in strikes leave a price that hasn’t sunk in yet.
Featured image from iStock, chart from Tradingview.com